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Innovating forBrighter Futures
2017 FINCA INTERNATIONAL ANNUAL REPORT
B 2017 FINCA INTERNATIONAL ANNUAL REPORT
2017 FINCA INTERNATIONAL ANNUAL REPORT
1 Founder’s Letter
2 Letter from the Chairman and the President and CEO
4 Our Global Reach in 2017
6 Programs
6 Microfinance
10 Social Enterprise
14 Research
16 FINCA’s Leadership
17 FINCA’s Partners
18 2017 FINCA International Financial Summary
20 FINCA’s Supporters
37 Ways to Support
Copyright 2018 FINCA International, Inc.
Photos: Cover—Alison Wright; right—Dawn Deeks
INNOVATING FOR BRIGHTER FUTURES 1
FOUNDER‚S LETTER
John K. Hatch, FounderDuring my recent month-long trip to Uganda, I teamed up with Christopher Musoke, an expert in inclusive finance, including rural savings groups. Together, we traveled 3,200 kilometers by four- wheel drive visiting villages and interviewing members of rural savings groups—reminiscent of FINCA’s “Village Banks”—of which there are some 1.3 million members (households) throughout Uganda.
Everyone we met with lives in darkness, their only nighttime illumination a toxic and dangerous kerosene wick lantern. Each respondent we interviewed expressed high interest in BrightLife’s $8 solar lantern. Since savings group members have savings and access to small loans, they are also in a position to buy this product. And with FINCA’s investments in clean energy products, other basic services and new ways to access finance, imagine how transformational this can be.
While a single $8 solar lantern cannot end poverty, it will give an ultra-poor family a real “lift.” Families want to replace the dim and smoke- filled lighting of a kerosene lamp with a brighter, solar-powered light.
Children will be able to study longer. Households will be safer. Expensive kerosene costs can be redirected to other household needs. This lift can create new incentives for an ultra-poor family—to read, to work, to dream.
How can BrightLife bring solar lighting to ultra-poor families in Uganda as quickly as possible? I think we can reach 120,000 households within a single year. Such numbers are too exciting to ignore. My days are now filled with “what ifs?” and “how soon?” and “how much?” and “who wants to help?”
John K. Hatch Founder
June 30, 2018
INNOVATING FOR BRIGHTER FUTURES
Photo: FINCA Staff
Dear Friends:
It has been 10 years since my “retirement” from FINCA and two years since the loss of my soulmate, “Mimi.” Her spirit continues to fuel my resolve to work towards the end of poverty everywhere, and in the past year, I have been focusing on how solar energy can change the face of poverty.
2 2017 FINCA INTERNATIONAL ANNUAL REPORT
LETTER FROM THE CHAIRMAN AND THE PRESIDENT AND CEO Dear Supporters,
Over the course of more than three decades, FINCA International has pivoted and adapted to changing customer needs and market externalities. From Village Bank™ group meetings under mango trees, to individual loan disbursements at brick-and-mortar branches, to mobile phone-enabled digital wallets, FINCA has continuously evolved to provide responsible financial services to low-income clients globally.
Now more than ever, a spirit of innovation drives all that we do. While innovation is a term frequently cited across industries, delivering real and measurable change to people in need today by the millions is no buzzword. In fact, embracing change and pursuing innovative technologies is the future of poverty alleviation and, therefore, a pillar of our mission.
“Now more than ever, a spirit of
innovation drives all that we do.”
The word “innovation” can be unpacked from three perspectives at an organizational level. First, how an organization may innovate from within to remain relevant. Second, how an organization can use its strength to find adjacent innovation to remain dynamic. Third, how an organization may actively seek opportunities for transformational innovation to remain future-proof. At FINCA, we are building competencies across each of these dimensions.
Innovation fueled the growth of FINCA around the world. As the founder and majority owner of FINCA Impact Finance—a network of 20 community-based microfinance institutions and banks across Africa, Eurasia, Latin America, the Middle East and South Asia—we know what it takes to pair bold ideas with determined execution. Now, we are innovating at scale to reach the 1.7 billion adults who remain unbanked.
FINCA is innovating from within by pairing traditional bank branches with a network of banking agents to dramatically extend our reach. We are leveraging alternative credit scoring and analytics to develop credit profiles for the previously unbanked. And we are utilizing mobile wallets, biometrics and tablets to put financial services at our clients’ fingertips. Together, these technologies allowed us to grow our client reach by 27 percent year-over-year, surpassing two million total clients served in 2017.
But we are not limiting innovation to the realm of financial services. At FINCA, we know that the solutions to poverty are numerous and interconnected. Insufficient access to finance underpins many of the challenges faced by those living in poverty. Our core competency in finance can drive meaningful access to basic services, like energy. Using adjacent innovation, we launched BrightLife, a social enterprise that partners with original equipment manufacturers, to develop end-user financing for basic service products to accelerate energy access for poor, off-grid customers.
Looking 10 years out, microfinance will still play a critical role in global development. But what about access to products and services that are not yet on the horizon? This perspective demands transformational innovation. Through FINCA Ventures, we are providing pre- and post-investment support to early-stage social enterprises committed to advancing the quality of life of the world’s poor. In doing so, we are actively pursuing and supporting the next generation of game-changing ideas for poverty alleviation.
A MESSAGE FROM LEADERSHIP
INNOVATING FOR BRIGHTER FUTURES 3
BrightLife and FINCA Ventures are innovative programs at the cutting edge of social enterprise and impact investing in emerging markets. In 2017, BrightLife touched the lives of more than 22,000 Ugandans by distributing solar lanterns and solar home systems, clean cookstoves and water filters. That same year, FINCA Ventures got its start by partnering with two social enterprises—BioLite and Amped Innovation—that together impacted over 50,000 lives in 20-plus countries with affordable, reliable and modern energy products.
Impact is often assumed when talking about innovation. At FINCA, we use research to rigorously monitor the social performance of our work to ensure we are delivering deep and meaningful impact for our microfinance clients and social enterprise customers. To do this effectively, we approach the question of impact from the customer’s perspective. Our field-based enumerators are equipped with cloud-connected tablets to collect and process customer information in real time.
And we use machine learning systems to identify and filter out survey administrator bias to ensure the voice of the customer is always heard. These innovative tools allow us to gather rich customer insights, which indicate how we are improving lives and enable us to be more responsive to customer needs as we grow and scale our programs.
This, of course, is only the beginning. Innovation is not an isolated activity or a one-off program. It is our modus operandi. We envision a global network of sustainable and scalable social enterprises that improve lives worldwide. To turn this vision into reality, innovation will fuel all that we do— from microfinance to social enterprises to customer research.
Thank you for your steadfast support and for sharing our commitment to market-based solutions to poverty. Your trust and confidence give us the energy to continuously innovate so that poor people around the world may have the opportunity to build assets, create jobs and raise their standard of living.
June 30, 2018
Robert W. Hatch Chairman
Rupert W. Scofield President and CEO
Robert W. Hatch, Chairman
Rupert W. Scofield, President and CEO
+2 millionEmbracing technology allowed us to grow
our client reach by 27 percent year-over-year, surpassing two million total clients served in 2017.
4 2017 FINCA INTERNATIONAL ANNUAL REPORT
Senegal
GambiaSierra Leone
GhanaCôte d’Ivoire
Democratic Republic
of the Congo
FINCA’S PROGRAMS: MICROFINANCEFINCA WORLDWIDE
OUR GLOBAL REACH IN 2017
Haiti
Ecuador
Guatemala Honduras
Nicaragua
FINCA International & FINCA Impact FinanceGlobal Headquarters
FINCA Canada
MICROFINANCE
Total clients: 2,071,966 (+27% growth vs. 2016)
Total voluntary savings: $361.3 million
Total loans disbursed: $1 billion
RESEARCH
Conducted 30 studies in 20 countries, surveying 33,136 clients, resulting in 1,186,710 customer data points for evaluating our impact*
SOCIAL ENTERPRISE
FINCA Ventures: 2 portfolio companies impacting 50,750 lives in 22 countries
BrightLife: 6 clean energy products impacting 22,323 lives in Uganda
*Includes all internal and external surveys conducted by FINCA’s research team.
Madagascar
Burkina Faso
EthiopiaKenya
Tanzania
Mozambique
Zimbabwe
Democratic Republic
of the Congo
Zambia
Malawi
Uganda
MaliJordan
Myanmar
NigeriaCameroon
Rwanda
Georgia
Armenia
Azerbaijan
Kyrgyzstan
Tajikistan
Afghanistan
Pakistan
Kosovo
FINCA UK
INNOVATING FOR BRIGHTER FUTURES 5
FINCA International & FINCA Impact FinanceGlobal Headquarters
With the launch of FINCA Ventures in 2017, our global footprint has greatly expanded. In addition to the 20 countries served by FINCA’s microfinance institutions and banks—collectively known as FINCA Impact Finance—FINCA Ventures portfolio companies are delivering life-changing products and services
in 15 more countries. This world map reflects the breadth of impact made possible by our supporters.
FINCA Impact Finance subsidiaries
FINCA Ventures portfolio operations
Both
6 2017 FINCA INTERNATIONAL ANNUAL REPORT
INNOVATING THROUGH FINANCIAL TECHNOLOGY
As the founder and majority shareholder of FINCA Impact Finance—a global network of 20 community-based microfinance institutions and banks—FINCA International is enabling access to responsible and innovative financial services for low-income clients. To reach more people, drive greater efficiency and reduce costs, FINCA is using financial technology (“fintech”) innovations to transform finance in underserved markets around the world.
PROGRAMS | MICROFINANCE
Mobile banking: Mobile banking technology and e-wallets help low-income clients save time and make secure transactions anytime and anywhere. In 2017, mobile banking accounted for 14 percent of all transactions across the FINCA network.
Agent banking: In areas where FINCA does not have a physical presence, banking agents help extend our reach. Local merchants are equipped with portable devices that connect to FINCA’s bank network and customer accounts. Banking agents processed nearly 38 percent of FINCA clients’ transactions in 2017.
Credit scoring: For the unbanked, the lack of formal borrowing history hinders their ability to access capital to grow businesses. FINCA is testing alternative credit scoring derived from psychometric and mobile data to expand financial inclusion.
Biometrics: Point-of-sale (POS) machines utilizing fingerprint scans allow clients to access their FINCA accounts safely, giving them security and control over their money.
Digital field automation: FINCA credit officers are equipped with digital tablets for clean and consistent data collection. Cloud technology helps to automate credit scoring and loan processing.
Fintech Solutions Across the FINCA Network
6
INNOVATING FOR BRIGHTER FUTURES 7
Agency Banking Brings Financial Services to Zambians and Beyond
FINCA is using banking agents to reach deeper into underserved markets. Agents are local merchants or shopkeepers who facilitate financial transactions on behalf of FINCA using point-of-sale devices that allow clients to identify themselves using just their fingerprint.
More than 1,800 agents across the FINCA network put deposit and withdrawal services within walking distance, saving clients precious time and money. And since agency banking is the primary cash-in/cash-out point for FINCA clients—particularly in Africa—it is a critical delivery channel for reaching the world’s unbanked.
INNOVATION IN ZAMBIA
After graduating from university, Suwilanji Moomba (above) realized it was difficult for young people to get ahead. Many of her peers were among the 72 percent of Africans under the age of 25 who are unemployed or underemployed.
Searching for an opportunity to grow, Suwilanji became a FINCA banking agent in Zambia. The commissions she earns as an agent have allowed her to not only support herself but also to pursue other business ventures. And most significantly, Suwilanji employs seven other young people in her community, creating jobs where opportunities are scarce.
“Employees come to me and say, ‘You don’t know what you’ve done for my family.’”
Fintech Expands Financial Inclusion in Pakistan
Only 21 percent of adults in Pakistan have access to formal financial services. To change this, FINCA Pakistan launched SimSim, the country’s first free mobile e-wallet that expands access to financial services by digitizing payments. Anyone with the app can easily pay their utility bills, transfer funds, add mobile airtime, purchase bus fare and much more using just their phone. This means FINCA clients can also conduct their banking without visiting a bank branch.
Not only does SimSim make day-to-day financial transactions easier, but also it helps entrepreneurs build a credit history. This allows unbanked or under-banked Pakistanis to prove their creditworthiness, which opens the door to broader financial services— like small loans—that can finance business startup or expansion. Launched in September 2017, SimSim now has more than 185,000 users.
21%Only 21 percent of adults in
Pakistan have a financial account. This number falls to just 7 percent
for Pakistani women.
Photo (opposite page): Dawn Deeks; above right—David Soll
8 2017 FINCA INTERNATIONAL ANNUAL REPORT
Like many developing countries,
Tanzania has relatively low financial
and digital literacy. To encourage
adoption of this new mobile savings
product, women like Salama Msumi
received hands-on training from a
HaloYako community mobilizer.
This level of outreach allowed Salama
to quickly open an account from the
convenience of her phone without
having to leave her neighborhood. She
is already using the platform to set
aside future investments for her small
business. Now, Salama has the power
of financial autonomy in the palm of
her hand.
It took FINCA 20 years to reach
900,000 clients. In just three months,
the HaloYako mobile savings
product reached 100,000 savers. This
rapid scaling is made possible by
forging partnerships and embracing
innovative digital financial services.
Mobile Savings Product Reaches 100,000 Tanzanians in Three Months
More than two-thirds of Tanzanians still live in rural areas. Consequently, few live near a bank branch or other financial service outlet. It is no surprise, then, that just 21 percent of Tanzanians hold a formal bank account.
To help scale the reach of financial services, FINCA partnered with Halotel, a mobile network operator, to launch a first-of-its-kind mobile savings product, called HaloYako.
With a free account, FINCA clients in Tanzania can conveniently and securely save money to a mobile wallet using a basic feature phone. They can even set savings targets—like paying for a child’s education— to encourage a behavior of saving. As clients achieve their financial goals, they will earn free mobile airtime for making calls or sending text messages.
INNOVATION IN TANZANIA
Like many developing countries, Tanzania has relatively low financial and digital literacy. To encourage adoption of this new mobile savings product, women like Salama Msumi (above) received hands-on training from a HaloYako community mobilizer.
This level of outreach allowed Salama to quickly open an account from the convenience of her phone without having to leave her neighborhood. She is already using the platform to set aside future investments for her small business. Now, Salama has the power of financial autonomy in the palm of her hand.
It took FINCA 20 years to reach 900,000 clients. In just three months, the HaloYako mobile savings product reached 100,000 savers. This rapid scaling is made possible by forging partnerships and embracing innovative digital financial services.
Photo: Clemence Sinkamba
Rapid scaling is made possible by forging
partnerships and embracing innovative
digital financial services.
INNOVATING FOR BRIGHTER FUTURES 9
Medical Insurance for Women and Children in Guatemala
For FINCA clients around the world, saving for medical expenses is often a top priority—right up there with paying for a child’s education. Yet, for many, accessing basic health care remains a challenge.
In most of the markets where FINCA works, public hospitals and clinics are severely underfunded, and private clinics are hard to reach or too expensive. On top of that, the poor face many health problems, including a high prevalence of chronic malnutrition and maternal and child mortality.
To provide solutions and help poor women and children obtain the medical care they need, FINCA launched a medical insurance program for Village Banking™ clients in Guatemala. Clients can choose between an individual or family plan that covers general medicine, pediatrics and gynecology services. The program is available at all 29 FINCA branches in Guatemala.
INNOVATION IN GUATEMALA
Ana Bella Esperanza (left) oversees a small factory producing souvenir notebooks, purses and laptop cases in Amatitlán, Guatemala. She began the business with the help of FINCA loans, and today employs 11 workers. Ana also enrolled in FINCA’s medical insurance program. For less than $2 per month, Ana, her spouse and their three children all have health coverage.
Margarita Castillo, a small convenience store owner, also finds the new service useful for her children, especially since her daughter recently had to have her appendix removed. She especially likes being able to access doctors at private clinics. “At the health center or the hospital, you have to wait a lot. But with private doctors, they attend to us quickly.”
Because of this new offering, nearly 20,000 FINCA clients and their family members are now able to access the life-saving health care they need.
Photo: Dawn Deeks
20,000Nearly 20,000 FINCA clients and their
family members are now able to access the life-saving health care they need.
GUATEMALA
10 2017 FINCA INTERNATIONAL ANNUAL REPORT
PROGRAMS | SOCIAL ENTERPRISE
INNOVATING THROUGH PARTNERSHIP
For over three decades, FINCA has provided responsible and innovative financial services to low-income clients around the world. To catalyze greater resilience and opportunity for poor families, we are looking more deeply at access to basic services—like energy—and considering the role finance and social enterprises may play. This is achieved through two programs—BrightLife and FINCA Ventures—that complement our microfinance work by expanding financial inclusion and access to basic services through strategic partnerships. Altogether, these initiatives advance sustainable solutions to help low-income families achieve a better standard of living.
10
BrightLife is Building a Bridge to Financial Inclusion for Ugandans
As of 2017, 1.7 billion adults globally remain unbanked. Almost as many people—1.2 billion—lack electricity. And more than double this number —2.8 billion people—burn charcoal, wood, kerosene or dung to prepare meals and heat their homes. These issues—financial inclusion and energy poverty—are, in fact, linked. It turns out that access to energy requires meaningful access to finance.
This is where FINCA’s BrightLife program fits in. By offering access to clean energy products, like solar home systems and improved cookstoves, on
credit through pay-as-you-go (PAYGo) financing, an otherwise unaffordable product is suddenly within reach for a poor customer. At the same time, PAYGo financing allows an unbanked individual to begin to build a credit profile. This then opens the door to more comprehensive financial services at a local microfinance institution—like FINCA Uganda— with broader credit and savings options.
BrightLife leverages FINCA’s finance expertise to help the world’s poor climb both the financial inclusion and energy ladders, which unlocks productivity and boosts local economies.
INNOVATING FOR BRIGHTER FUTURES 11
2017 BrightLife Product Lineup
Solar Lighting
Solar Lantern: 72 hours of high-power light after a single day of charge. Ideal for studying, home lighting and safe movement after dark given its portability.
Solar Lantern with Phone Charger: Up to 36 hours of light plus charging capability for two phones.
Solar Home System: Simulates household grid electricity access by offering three lights and one USB port for phone charging.
Improved Cookstoves
Charcoal Cookstove: Fastest boiling charcoal stove on the market. Offers 58 percent fuel and money savings, 50 percent faster cooking, and 56 percent reduced toxic emissions.
Wood Cookstove with Phone Charger and Light: Advanced, ultra-clean stove that cuts toxic emissions by 90 percent and reduces wood use by 50 percent. Heat from the stove generates electricity for charging a phone and powering the built-in light.
Clean Water
Ceramic Water Filter: Removes 99.9 percent of germs for safe drinking water. Does not require water to be boiled or the use of electricity, and no maintenance is needed.
SPREADING LIGHT WHEREVER SHE GOES
Brenda Nansasi (opposite page in blue) joined FINCA’s BrightLife program as a commission-based field agent. She quickly grew her client list from 50 to more than 400, an achievement that earned her a promotion to field supervisor. Today, she mentors and oversees a network of field agents who visit off-grid families providing product demonstrations, education, distribution and after-sales support. This promotion not only gave Brenda a stable income, but also medical insurance for her family. “I have two children, ages three and seven,” said Brenda. “When I was still an agent, one of my children needed major surgery, which I had to pay for out of pocket. But now that I am a salaried employee with full benefits, I don’t have to worry about facing such a financial hardship again.”
Brenda and her family are not the only ones benefitting from BrightLife. One of her customers, Joy, is a widow who purchased several BrightLife products. “Joy began by taking a solar lamp for her business to extend her income-earning hours,” Brenda said. “Then she bought one for her home. As her business grew, she even purchased a clean cookstove. Her family is healthier and safer as a result.” In honor of her tireless efforts in the community, Whole Planet Foundation recognized Brenda with a Field Officer Appreciation award in 2017.
Photo (opposite page): Dawn Deeks
12 2017 FINCA INTERNATIONAL ANNUAL REPORT
CLIMBING THE ENERGY LADDER
Jane Namusisi is a 54-year-old Ugandan woman. She lives with her daughter, Emily (opposite page), and helps raise her three grandchildren, ages 11, 10 and 3 months.
Like most families in Uganda, Jane’s household is not connected to the electric grid. They are forced to rely on hazardous and expensive kerosene to light their home and to prepare meals.
One day, a neighbor introduced Jane to FINCA’s Village Banking™ program. Small loans allowed Jane to invest in her quarrying enterprise, and she used the profits to purchase a solar lantern through FINCA’s BrightLife program. This lantern provided safe lighting for Jane’s grandchildren to study at night, and it also supplied residual energy to charge her mobile phone.
Impressed by the positive impacts on her family’s wellbeing, Jane upgraded to a solar home system designed by FINCA Ventures partner company, Amped Innovation, with enough lights to illuminate her two-room house. Because the system is modular, Jane can add more lights and even appliances over time.
“With kerosene lamps, I worried the children would get burned in the house or there would be damage to my property or about getting sick. Now, my grandchildren use the solar lights at night to study.”
FINCA Ventures is Expanding Access to Basic Service Products
Lack of access to finance underpins many of the hardships faced by the world’s poor. That is why FINCA has, for decades, given small loans to hardworking entrepreneurs.
But what happens when people don’t have access to even the most basic services—like energy, sanitation, education and health care?
FINCA Ventures exists to meet the basic service and financial needs of low-income families. An impact investing initiative, FINCA Ventures supports the growth of early-stage social enterprises delivering essential product innovations for the poor, like modular solar home systems and improved cookstoves.
FINCA Ventures aims to accelerate the growth of social enterprises developing goods that align with FINCA’s charitable mission, thus fostering a market for extremely affordable, high-quality and life-improving products and services for the bottom of the pyramid.
In its first year, FINCA Ventures partnered with two social enterprises that create products for low-income, emerging market customers:
Amped Innovation: Designs solar home systems and DC-powered productive use appliances to help those living under $4 per day grow their wallets.
BioLite: Manufactures clean-burning, electricity-generating cookstoves and solar home systems for off-grid use.
FINCA Ventures supports the growth of early-stage social enterprises delivering
essential product innovations for the poor, like modular solar home systems and
improved cookstoves.
INNOVATING FOR BRIGHTER FUTURES 13
FINCA Ventures Portfolio Company Spotlight: Amped Innovation
In early 2017, FINCA Ventures formalized a partnership with Amped Innovation. Amped designs extremely affordable solar home systems and productive use appliances for people living under $4 per day. The company’s products boast six times the power handling of competing solar lighting systems at just one-third the cost. Amped’s products are being sold and tested in 20 countries, largely in sub-Saharan Africa.
In Uganda, where Amped relies on third-party sales, distribution and financing to reach customers, FINCA’s BrightLife program is bringing Amped’s high-quality products to end users.
Why We Partnered with Amped
Amped has a remarkable team that is committed to building the highest quality, most cost-effective products that are affordable to those living at the bottom of the economic pyramid. Also, the modular design of Amped’s products and focus on income-generating, productive use appliances can help a low-income, off-grid family to grow their wallets and climb the energy ladder. Further, the collaboration between FINCA and Amped demonstrates how financial services are crucial to unlocking energy access. Not only is FINCA an investor in Amped, but also its distributor and end-user financing provider in Uganda, leveraging PAYGo technology to make Amped’s products accessible to the poor.
Photo: Dawn Deeks
14 2017 FINCA INTERNATIONAL ANNUAL REPORT
PROGRAMS | RESEARCH
INNOVATING THROUGH BETTER FIELD DATA AND CUSTOMER-DRIVEN RESEARCH
Customer research is part of FINCA’s drive to ensure that innovation translates into concrete benefits for our clients. Our research tools are designed to give our customers a voice, to listen to them better, and to share those insights with our partners and stakeholders.
As researchers, we can only succeed or fail by the quality of our data. Driven by our commitment to sound data, we developed ValiData (patent pending), a cloud-based research platform for collecting and analyzing field data. This unique solution uses machine learning to detect outliers and overcome enumerator bias to generate the highest-quality data. Paired with our user-driven research methodology, ValiData ensures we approach the question of social impact from the customer’s perspective.
CUSTOMER RESEARCH IN THE DR CONGO
Most women using FINCA’s banking agents in the DR Congo are single, and half of them live below the national poverty line of $75 per month. This stands in contrast to male clients who are overwhelmingly married and better off socioeconomically. FINCA’s female clients in the DR Congo are also more likely than their male counterparts to be self-employed.
Our research showed that our female clients in the DR Congo have unique financial service needs. Nine out of 10 women are using agency banking to accumulate savings since the agent network makes it easier to make small deposits. As a result, we are helping women transition from informal savings (e.g., money kept under a mattress) to formal savings (e.g., money kept in an account). And the long-term benefits to the women are enormous, as our female clients have told us that when they open a savings account they have specific goals in mind: growing a business, investing in household assets or paying for a child’s education.
Meeting Women’s Financial Service Needs through Rural Banking Agents
FINCA studied the impact of agency banking in the Democratic Republic of the Congo (DR Congo). The aim was to understand who is using the service, how and why. We found that these banking agents play a critical role in improving financial inclusion for women—especially poor women. This has important implications for FINCA’s mission: agency banking can reach rural women while driving outreach toward those who need it the most.
Our research shows that putting service points near women is not enough; we must also offer them the right services for their needs, which can be quite different from men. Helping women achieve their goals is the essence of FINCA’s mission, and a big reason why we will continue expanding a network of banking agents.
Most women using FINCA’s banking agents in the DR Congo are single, half of whom live below
the national poverty line of $75/month.
INNOVATING FOR BRIGHTER FUTURES 15
CUSTOMER RESEARCH IN UGANDA
The typical BrightLife customer is a 45-year-old rural woman supporting seven children, which is larger than the average Ugandan family. She is most likely also a microfinance client of FINCA Uganda, and is using her BrightLife products for domestic purposes. Here is what else we learned:
90 percent of households reported enhanced safety due to a reduced risk of house fires, burns or robberies at night.
85 percent of households claimed improved health, especially better eye and respiratory health, and less toxicity and burns.
80 percent of cookstove customers said they saved time—up to 50 minutes per day—on food preparation, allowing them to address other family needs.
60 percent of solar customers have eliminated expenses for charging a mobile phone.
BrightLife Customers Report Improved Safety and Health
From May–September 2017, FINCA completed its first comprehensive study of BrightLife customers in Uganda. Our goal was to understand the impacts that customers attribute to their BrightLife products—solar lanterns, solar home systems and cookstoves—and what FINCA can do to maximize those benefits.
The key benefits that BrightLife customers reported related to household quality of life, including improved safety, health, enhanced productivity, and better communication and connectivity.
Additionally, some BrightLife customers reported positive changes in economic well-being, including reduced household expenditures, income gains, and job creation.
Photo: Dawn Deeks INNOVATING FOR BRIGHTER FUTURES 15
16 2017 FINCA INTERNATIONAL ANNUAL REPORT
FINCA International
Board of Directors
Robert W. Hatch (Chairman, Founding Member)
John K. Hatch (Founding Member)
Rupert W. Scofield (Founding Member)
Richard M. Williamson (Founding Member)
John Elkins
Amanda Ellis
Peter Epp
Harold D. Jastram
Agrina Mussa
James Semakadde
Dr. Fred Seymour
Charles Trevail
David E. Weisman
Her Majesty Queen Rania Al-Abdullah of Jordan (Director Emeritus)
Senior Management
Rupert W. Scofield, President and CEO
Ami Dalal, Vice President, Social Enterprise Innovation
Soledad Gompf, Senior Vice President and Philanthropy Advisor
Scott Graham, Director of Customer Research and Field Data Services
Debra Spagnola, Chief Financial Officer
Colleen Zakrewsky, Chief Development Officer
FINCA Canada
Board of Directors
Rupert W. Scofield (Chairman)
Linda Wolfond
Jacquie Green
Michael Green
Soledad Gompf
Debra Spagnola
Kirsten McElgunn
Fred Di Blasio
Senior Management
Stéphanie Émond, Executive Director
FINCA United Kingdom
Board of Directors
Rupert W. Scofield (Chairman)
Steven McGuire
Mahdi Yahya
Karen Snow
Peter Weiss
*As of June 30, 2018
BOARD OF DIRECTORS AND SENIOR MANAGEMENT
FINCA’S LEADERSHIP*
INNOVATING FOR BRIGHTER FUTURES 17
PRIVATE AND PUBLIC SECTOR PARTNERS
FINCA’S PARTNERS
FINCA International is grateful to all the corporate, foundation, bilateral, multilateral and other partners who support our work on long-range and large-scale initiatives. Our partners lend significant financial support, as well as technology and know-how. They help us enter new markets, deliver new products and services, and improve the efficiency and effectiveness of our operations.
Private Sector Partners
The Bill & Melinda Gates Foundation
Clifford Chance Foundation
Credit Suisse
Mastercard Foundation
Mastercard Worldwide
NetHope, Inc.
The Peter Gilgan Foundation
Thomson Reuters Foundation TrustLaw
Whole Planet Foundation
WildHearts
Photo: Dawn Deeks
Public Sector Partners
ÉLAN RDC
Financial Sector Deepening Tanzania
Financial Sector Deepening Uganda
FMO —Dutch Development Bank
GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit)
Global Affairs Canada
International Finance Corporation
International Fund for Agricultural Development
Regional MSME Investment Fund for Sub-Saharan Africa
United Nations Capital Development Fund
United States Agency for International Development
United States Department of Agriculture
18 2017 FINCA INTERNATIONAL ANNUAL REPORT
FINCA INTERNATIONAL FINANCIALS
2017 FINCA INTERNATIONAL FINANCIAL SUMMARY
2017 Consolidated Statement of Activities*
FINCA International is a 501(c)(3) not-for-profit corporation registered in the State of New York. Our revenue comes from the microfinance operations of FINCA Impact Finance in 20 countries, as well as from grants and donations needed to help fund our work.
Cash grants and donations 4%
Services and gifts in kind 1%
Program interest income 84%
Grants and contracts, including federal govt. 1%
Fees and other program income 10%
Program services 96%
Fundraising 1%
General and administrative 3%
96%
3%1%
2017 OPERATING EXPENSES
84%
1%4%10%
1%
2017 OPERATING
REVENUE
Total 2017 Revenue: $339,617,464 Total 2017 Expenses: $305,123,147
*Full copies of the Audited Financial Statements are available at www.FINCA.org.
FINCA International’s financial statements on pages 18 and 19 were prepared according to the United States Generally Accepted Accounting Principles (GAAP). Copies of the audited financial statements are available on our website at FINCA.org/about-finca/financials/.
INNOVATING FOR BRIGHTER FUTURES 19Source: 2017 Audited Financial Statements
2017 2016
Operating Revenues
Contributions:
Corporate, foundation and individual giving $13,461,481 $12,668,899
Services and gifts in kind 4,422,363 2,953,678
Programs:
Interest income 283,750,994 287,783,222
Grants and contracts, including federal government 4,547,318 6,874,920
Fees and other program income 33,435,308 29,099,563
Total operating revenues 339,617,464 339,380,282
Operating Expenses
Program services (291,718,833) (320,561,259)
Fundraising (4,160,434) (3,324,335)
General and administrative (9,243,880) (13,704,640)
Total operating expenses (305,123,147) (337,590,234)
Income tax expense (13,230,591) (17,562,140)
CHANGE IN NET ASSETS BEFORE NONOPERATING ITEMS 21,263,726 (15,772,092)
Nonoperating income (expense) 1,154,710 (2,229,907)
Investment and foreign exchange loss (252,991) (2,543,366)
Pension-related changes other than net periodic benefit cost gain 258,142 187,179
Translation gains of foreign operations 3,014,155 2,103,521
Fair value reserve revaluation (41,805) 141,448
CHANGE IN NET ASSETS FROM CONTINUING OPERATIONS AND BEFORE NONCONTROLLING INTEREST
25,395,937 (18,113,217)
Loss from discontinued operations (5,046,945) (513,989)
Dividends to noncontrolling interest — (161,000)
CHANGE IN NET ASSETS 20,348,992 (18,788,206)
NET ASSETS—beginning of year 225,026,128 243,814,334
NET ASSETS—end of year $245,375,120 $225,026,128
20 2017 FINCA INTERNATIONAL ANNUAL REPORT
CONTRIBUTORS WHO SUPPORT OUR MISSION
FINCA SUPPORTERS
FINCA International is deeply grateful to its contributors who, through their support, have strengthened our mission and expanded our reach in 2017. We are inspired that you share our commitment to market-based solutions to poverty, and honored that you have chosen to make a lasting difference through FINCA. While we are unable to acknowledge all donors on the following pages, on behalf of over two million FINCA clients worldwide, please accept our sincere thanks.
$100,000 and aboveAnonymous
Camille Caliendo*
Irene Chayes*
Nancy and Robert W. Hatch
The Hershey Family Foundation
Harriet Mills*
Carol Natella*
Peter Gilgan Foundation
Marguerite Rider*
$50,000-$99,999Anonymous (3)
Frank Alberti*
The Diana Moore Foundation
Maureen Roberts*
Morton and Teri Salomon
Betty Standiford*
$25,000-$49,999Anonymous (3)
J. Keith Behner and Catherine Stiefel
Eric Chern
Arline Denny*
Terry and John Elkins
Peter Epp
Bert and Candace Forbes
Dr. John K. Hatch
Alexandra Maldutis
The Kathryn B. McQuade Foundation
Otto Spoerl*
The Spurlino Foundation
Charles and Imelda Trevail
Peter Weiss
$10,000-$24,999Anonymous (6)
Eric and Cindy Arbanovella
Carol and Dennis Berryman
John Bloom
Harold Boyce*
Stanlee and Elizabeth Brimberg
Joan Carlson
Constance Holcombe Irrevocable Trust
Dume Wolverine Foundation
Fay Dresner
Nancy and Lawrence Fitzgerald
Florence C. Wertz Trust
Cameron and Diane Fowler
Jacquie and Michael Green
William and Barbara Guensche
Timothy and Amy Guth
H. van Ameringen Foundation
Betty Hess*
InFaith Community Foundation
InMaat Foundation
Jeri and Jeffrey Johnson
The Kristie Charitable Foundation
Wayne and Karen Lattuca
The Leibowitz and Greenway Family Charitable Foundation
Torben Lorenzen
Lynn Gordon and David E. Simon Fund
Enid Margolies*
Mary and John Grant Foundation
William McGlone and Lisa Ruskowski
Eileen and Bob O’Leary
Lynne and Archie Palmer
Paradise on Earth Fund
Merrie Petteys and William Campbell
Ray Benton Family Fund
Mark and Pam Sibley
Rosalie Swedlin and Robert Cort
Allan Taylor*
Alexander Templeton
Jack Tull and Mary Nye
Adam Waldman
David Weisman and Jacqueline Michel
Emily Williams
Elizabeth Williams*
Jane Williams*
Kristen and Richard Williamson
Edward and Barbara Wilson
Ryan Wise and Leslie Brunner
Linda and Greg Wolfond
Pedie and Mel Wolfond
James and Carole Wortley
Karen Buchwald Wright and Tom Rastin
Cary and Lynn Yeh
$5,000-$9,999Anonymous (11)
Laurie Adams
Renee and William Agnew
Allen & Marion Lambert Fund
Alpern Family Foundation, Inc.
Kent Bach
Patricia Beckington
*denotes deceased
INNOVATING FOR BRIGHTER FUTURES 21
Phyllis Bischof
Karlfred Bloom
Shirley Branch
Marion Brannon
Mary Brown
David and Barbara Burns
Elizabeth Carabillo
Robert Cardillo and Jill Heathcock
Sherman and Patricia Carll
John and Kyra Carswell
Janan and Alan Carter
Stephen Charles
James and Eithne Chuchel
Clifford Foundation, Inc.
Cook Callendar Sayeed Foundation
Emmanuel Crabbé and Kerry Reinertsen
Francis and Germaine Czarnecki
Daniel Lynch Foundation
Larry and Joyce Dare
Martha Davis and Alix Ritchie
Walter and Atha Dickenson
The Domenico Paulon Foundation
Teri and Richard Dykzeul
Richard Fink
Rebecca Frederick and Trina Tjersland
E. Gabel and Donald Lateiner
Faith Gabert
Rolf and Julie Goetze
Albert Green
Barbara Haroldson
John Harper and Ellen Tohn
Kate Hawkins
Robert Heinrich
Susan and Craig Hennessey
Sue and Ralph Hoevelman
Robert Hulter
Keith Johnson
Kalan Foundation
Joyce King
Ernest and Karen Koenig
Philip Konort
Beverly Krivokapich and Glenn Ducat
Nancy Lamb
Eileen and Thomas Landry
Thomas Lehrer
Mary Linton-Mitchel*
Arthur Lipson and Rochelle Kaplan
Richard Lundy and Lucille Goodwyne
MacInnis Family Foundation
Christine and Francis Martin
The Maureen Sullivan Memorial Fund
Marilyn McCloskey
Thomas and Marilyn McLaughlin
Jay Miller
Virgina Moore*
Mouat Charitable Trust
Joseph Murphy and Naomi Winick
Nararo Foundation
Liz Northrop and Jim Arthur
John and Mary Beth O’Brien
The P & P Murray Foundation
Paul & Pearl Caslow Foundation
Charlotte and Charles Perret
Pam Woodley and Perry Mitchell
Jim Price
Aaron and Arleen Priest
Judith Ring
Rita Rodriguez and Eugene Carter
Ruth Rollins
Mary Clark Romney and Edward Hauck
Roy and Roberta Barr Family Foundation
Scott Family Foundation at BenefAction Foundation
Fred and Marggi Seymour
Lorraine Sharpsteen
Ronald and Judith Shaw
Leigh Stamets
Diane Staves
Photo: Dawn Deeks
22 2017 FINCA INTERNATIONAL ANNUAL REPORT
$5,000-$9,999 continued
Drs. Gretchen Stearns and Richard Weininger
Roxann Stoski
Victor Sutch
Thomas J. Hooley Fund for Social Justice of The Saint Paul Foundation
Alan and Phyllis Vogt
Francesca von Broembsen and Peter Ver Planck
Isidor Wachstein
The Warren & Deb Fisher Charitable Fund
Margaret Watkins
Marcia Weber and James Flaws
Mark and Katherine Young
$2,500-$4,999Anonymous (23)
A. H. Gage Private Foundation
Sally and Donald Anderson
Anne Angus
Jefferson Asher
Georges Astie
Michael and Sompson Betz
Linda Bowden
Joseph and Susan Bower
Cynthia and Joel Bradley
Walter Brissenden
Edward and Rozann Brittain
Charles and Joan Brown
Steven Bruckner
John and Alice Burgess
Samuel Burr and Eugenie Doyle
Fleurette Carleen
Carol Tyrrell Kyle Foundation
Janet Carter
Vija Celmins
Naomi Cohen
Megan Contakes
Raymond Jervis Cooke*
Robyn Daly
Lloyd and Carol Darlington
Catherine de Madrid and Miguel Madrid
Diantha DeGraw
Louis and June Desorbo
Patricia Detrich and Allan Dietrich
Mark Dexter and Deborah Cowley
Fred Di Blasio
Janet Dickerson and Jerry Larson
Katharine and Mark Dickson
Deborah Diebold De Naveja
Catherine Doll
David DuPont
Kemerer Edwards
Stefanie Elkin
Hamilton Emmons
Theresa Estes
Peter and Lucy Feniello
Evelyn Ferguson
Gary Ferman
Walter and K. J. Fortney
Benjamin Foster
Kurt Fox
Ann and Alan Frank
Franklin Conklin Foundation
Robyn Friend
Marion Galison
Carol Garland
Gregory Garst
Charles and Patricia Geiger
Marika Geoghegan
Zephyr Charitable Foundation
Andrew Goodstein
Donita Gross
Ken Halvorsrude and Valerie Acuff
John and Druscilla Hammond
Nisreen Harianawala
Jessie Harris
Leslie Harsch
Frank and Miriam Hellinger
Ralph Herbert
The Hickey Family Foundation
Philip and Marjorie Hill
Judith Hobson
Mary Huff
Jessie Huffman
Monwhea Jeng
Paul Johnson and Melanie Abercrombie
OPENING A SCHOOL IN A REFUGEE CAMP IN JORDAN
In the education-poor confines of a Palestinian refugee camp in Jordan, Najla Abu Awejdh opened a school. She used FINCA loans to expand the building, which allowed her to serve hundreds of children from first to tenth grade, and to employ nearly 30 staff members. Najla even plans to open a university in the future. “They are not just my students. These are my children.”
Photo: David Soll
INNOVATING FOR BRIGHTER FUTURES 23
Roland Jonsson
M. Alfred Karlsen
Tom and Heather Keenan
Brian Kelleher and Teresa Kelleher Zepeda
Toni King
Rita Kisner
Mr. L. David Knock
Colleen Kochanek
The Koop Family
Ralph Kosmicke
Liza-Lee and George Kremer
Martin Krippl
Ms. Rosemary B. Kuehne
Karen Kustedjo
Meredith and Joseph Kwiatkowski
Mildred Leeper
Josef Leitmann and Reiko Niimi
Larry and Donna Lesh
Lester Poretsky Family Foundation, Inc.
Craig and Monette Leva
Luck Family Foundation
Luschei Outermost Fund
Robin Lustig
Mary MacGregor and Phil Lieberman
Laurie Manderino
Ruth and Michael Margolin
Claudia Marrow
Beverley Martin
Kathleen McCarthy
Donna McMillan and Carrie Blazek
Sylvia Milosh
Neskey Family Fund
Bonnie New
Douglas and Karin Newcomb
Peter Newman and Kathy Lang
Joyce and Roger Nussbaum
Leslie O’Loughlin
Olson Family Foundation, Inc.
Pacquette Charitable Foundation
William Peery
Ann Perkins
Raymond Petersen
Beth A. and Martin D. Peyer
Pittsburgh Childrens Foundation
Helen Plante
Elizabeth Pollack
Joan Procopio
Linda and Ahmed Raiss
Janet and Norvin Richards
Mary Richards
Patricia Rohan
Lynda Rose
Rudy & Alice Ramsey Foundation
Joseph and Veda Rugola
Walter Schepp
Martha Schiel
Joe and Angela Schmidt
Barton Schmitt
Helen Schneider
Edwina Schulman
Jocelyn and Peter Schultz
David Scruby
Scudder Family Foundation
Arvinder Singh
Frank and Katherine Sinton
Alice Smith
Tana Sommer-Belin
Alice Star
Gretchen Stein
Loren and Carol Steinhauer
Irene Steinman
Steve and Trish Shapiro Family Foundation
Albert and Anne Stewart
Larry Stolzenburg
John and Susan Tappeiner
The Elsie Procter van Buren Foundation
The Gesher Family Foundation
The Ittner Family Fund
The Martin F. Sticht Charitable Fund
The Susan, Sarah and Nicholas Latremoille Fund
Rebecca Thomas and John Pitlick
Wilma Tucker Muse
James Tyler
Margot Unkel
Lukas and Karin Utiger
Constance Vanvig*
Linda and James Venner
Mark Verlinden
Dennis Vogt
Maria Wadlow
Mary Wagman
John and Kimberly Waldron
Margaret Wales
John Wallace
Barbara Waller
John Watts and Carol Petsonk
David and Patricia Weissner
Dov Weitman
James Whitley
Nancy Whitney
Karen and Stephen Wiel
Henry Wieman
Thomas Willett
Anna-leila Williams
Mr. Daniel Wolkowitz
Joann Wood
Josie Woodman
Dr. Tsai Hsing Yu
Zaitlin-Nienberg Family Fund
$1,000-$2,499Anonymous (152)
Rachel Abarbanel
Hossein Abhary
Kristen Abraham
Marie Acosta
Shirley Adams
Dan Adams
Gregory Adams and Jill Greenwald
Audrey Ades
John and Kathleen Agnew
Shelly Ahmann
David Aikens
Elizabeth Ainslie
Sarah and Stephen Albright
Alice Ericsson Fund
Bruce Allan
David Allen
Edmund Allen
*denotes deceased
24 2017 FINCA INTERNATIONAL ANNUAL REPORT
$1,000-$2,499 continued
James Allen
Allen Simon Fund
Susan W. Almy
Edward Alpern
Davinder Anand
Bradley and Kirsten Anawalt
Christine Anderson
Markus and Heidi Andres
Jean Andresen
Robert Anthony
Mr. Alan Appleford
Robert and Peggy Arfman
John Armitage
Diane Armstrong
Ken and Grace Armstrong
Marlene and John Arnold
Arthur and Charlotte Zitrin Foundation
Lila Asher
Narra Asher
Kevin Ashton
Russell and Carol Atha
Nancy Atherton
Stephanie Augustyniak
Peter Azrak
Teresa Babb
Isabel Bader
Suzanne Bahmanyar
Bridget Baird
Tricia Baird
Charles Baker
Ronald and Dorothy Baker
George Ball
Christopher Ballad
Laurie Balmuth
Foster Bam
Stephen and Lynda Bany
John Barber
John Bare
Clarence Barker
Susan Barnett and John Young
Antonio and Kimberly Barraco
Rosemary Barrett and Howard Ulan
Bassett Foundation
Elisabeth Bathgate
Dorothy Battles
Robert Bauer
Benjamin and Susan Baxt
Mary Bayard
Brenda Beall
Martin Bebow
Karen Beck
Rachel Beck
Susan Beck
Carol Beechy
Raymond Begin
Robert and Marie Behnke
Elizabeth Beier and Michael Hirschhorn
William and Patricia Belardi
Ian Bell
Pamela Bendich
Theanna and Gregg Benefiel
James Bennett
Ann Bennstrom and Ken Weiss
Herbert and Vassiliki Bensinger
Frances and James Berger
James Berger
John Bergeron
Bert Berkley
Bernard Ennis
Michael and Arlene Berner
Richard Bernhard
Eleanor and Richard Berry
Mildred and Joseph Berryman
Susan and Peter Betzer
Esther Beynon and Alfred Metzger
Victoria Beynon
Fred and Betty Bialek
Judith Billings
David Bir
Boris Birmaher
Norbert and Inger Bischofberger
Mary Bittner
Hille Blackshaw
Blattel Family Fund at the Ottawa Community Foundation
Thomas Blauvelt
Dale and Marla Bleecher
Susan Blomberg
Janice Bloom and Adam Grumbach
June Blotnick and Douglas Sea
Jacques and Carole Bonnet-Eymard
Carol and William Borden
Joseph and Mary Borzelleca
Marcia and Neal Bosshardt
Joanne Bourgeois
James Bouwkamp
Ward Bouwsma
J Boylan
Joan Boyle Morriss
Barbara Braddick
William Braden
Norma Bradfish
James Bradley
Barbara Bramble
Lewis Brannon
Dennis Breen
Frank Breil
Patrick Brock and Pamela Chase Brock
Gord Brocklebank
Mark Brodie
Leo and Vivian Broks
Veronique Brossier
James Broucek
Bryan Brown
Jane Brown
Stanley Brown
William Brown
John Bryer
James Buchanan
Edward Buckley
Michael and Marcella Bungay Stanier
Jedidiah Burack
Jane Bush
Carol Byers
Alice Byers
Kimiye Cabrera
Norman and Eloise Cadman
James Cafritz
Margaret Cain
Robert Caiola
Michael Caldwell and
INNOVATING FOR BRIGHTER FUTURES 25
Carolyn Callahan
Robin Calhoun
Robert Callaghan
Dr. Joanne Cameron and Mr. David Cameron
Kenneth Caneva
James and Anna Capoziello
Mr. Michael Caputo and Mrs. Kareen Caputo
John Caramagno
Jerry Carle
Jean Carlson
Daniel Carney
Paul and Bridget Carns
Melissa Cavaghan and Paul Heift
Cathy Cavell
Nicolas Chagnon
Wai May Chan
John Chapman
Brian and Allayne Chappelle
Helen Chester
In memory of Teng Kin Khok
May Chiu
Wong Choo
Chris and Lori Potter Fund
Lee and Amy Christel
Janet Christiansen
Avery Church
Catherine Churchill
Rosemarie Ciccarello
Martha Ann Clark
Richard and Jean Clarke
Charlotte Cleghorn
Robert Clerico
Cliff and Deborah White Family Fund
Tim Cliffe
James Clover
Lynn Cochran
Mrs. Kathryn Cochrane and Mr. Douglas Cochrane
George Cocks
Diane and Robert Coderre
Hilary Cohen
Stanley Cohen
Elizabeth Coker
Lin Florinda Colavin
Elaine Cole
Sheri and Robert Cole
Sarah Coletti
Joseph Colgan
Courtney Collins
James and Carol Collins
James Richard Collins
Terri Colosimo
Carol Combs
Spencer Commons and Martha Gates
Renee Conforte McKee and David McKee
Donald and Barbara Connolly
Jennifer Cook
Kay Cooper
Patricia Corbell
Terence Corcoran
David Corn
Dr. R. William Cornell and Mrs. Chloe Cornell
Judy Cornwell
Photo: FINCA Staff
26 2017 FINCA INTERNATIONAL ANNUAL REPORT
$1,000-$2,499 continued
Stephen and Luann Corr
Elizabeth Cotnoir
Laura Courter
Gary and Ruby Courtland
Keith Cowan and Linda Walsh
Stephanie Coyne
Dorothy Crawford
Janet Creelman
Calvin and Lois Crow
Jim and Sara Culhane
Cecile Curier
Charlotte Curry
Paul and Lynette Curthoys
Pamela Curtis
Robert and Susan Cushman
Edward Dailey
Eugene Daily
Barb Daley
Diane and John Dalsimer
Suzanne Dalton
Daniel Davenport
Patricia Daves
David Aronow Foundation, Inc.
Claudia Davidoff and Joseph Kahan
Norma Davies
Jamini Davies
M. Davis
Peter Davis
Fred Dawe
Nicole Dean
Paul Debrule
Donna DeDiemar
Yvonne Dees
James and Linda Degroot
Ann and James Deline
Cynthia DeLuca
Andres Deluna
Nora Demleitner and Michael Smith
Jeffrey Dennis
Patricia Dennis
Ron and Else Marie DePauw
Richard and Betty Derbyshire
Kathryn and Brian Derry
Carol Devoss
Margaret Diaz
Kay Diederich
Chris Diehl and Saskia Schott
Lisa Jakobsberg and Jay Dinowitz
Abigail Disney and Pierre Hauser
Lionel and Debra D’Luna
Lynne and George Dodd
Ms. Susan Dodd
Doehring Foundation
Paul Doerksen
Brian and Donna Donnelly
Deb Donovan
John Dooley
Doolittle Fund
Laurie Doran and Christopher Wasel
Doris Jeanette Foster Foundation
Jean Douglas
John and Mary Doveton
Dr. Daniel Hartnett Family Foundation
Sandra Drant
Stephen Drew
Drummy Charitable Trust
Pierre Duchaine
Beatrice Duffy
Douglas S. and Ann S. Dumas
Art Duncan
Ronald Dunham
Karen and Harold Dunlap
John Dunn
THREE ADDITIONAL SUBSIDIARIES ACHIEVE SMART CERTIFICATION
FINCA’s microfinance subsidiaries in Kosovo, Pakistan and Nicaragua received Smart Certification in 2017. These certifications came after rigorous independent reviews concluded that each of these subsidiaries consistently upheld the highest client protection standards in providing financial products and services. Kosovo, Pakistan and Nicaragua join FINCA’s subsidiaries in Georgia and Kyrgyzstan in having attained Smart Certification.
Photo: Carlos Alaniz
INNOVATING FOR BRIGHTER FUTURES 27
Craig and Sue Dupler
Mary M. Dusenbury
Elizabeth Dworschak
Irene and David Dyer
Gerry East
Robert Eberle
Walter Eberspacher
John Eder
Tom and Jackie Edwards
Doug Eggins
Penny Eizenga
Frederick and Kimiko Ek
Eric Elbers
Connie Ellerbach
Judith Elliot
Ellis Goodman Family Foundation
Nicholas and Nancy Eltgroth
Priscilla Elwell and Richard Miller
Stephanie Emond
Patricia Engel
Charles Engelke
Eleanor English
Elaine Epstein
Kerstin Essmann
Lee Evslin
Davilyn Eyolfson
Leo Faddis
Jean Fagerstrom
Patricia Fahy
Julie Falconer
Kenneth Falstrom
Joan Fanning
Mark and Karen Farnan
Bobby and Mary Farris
Konnilyn Feig
Friederike Feldmann
Robert and Geraldine Ferguson
Sidney Ferguson
Ferris Family Charitable Fund
Lydia Fey
Calvin and Nora Fiedler
John Field
Frances Fields
William Fillmore
Spencer Finch
Roger Findley
Becky Finnerty
Frank Finsthwait
Joachim Fischer
Louis Fisher
Louise Fishman and Ingrid Nyeboe
Maureen Flanagan and William Groneman
Beverly Flowers
Dr. Patricia L. Fluhrer
Bill Foege
Katherine Foley and Scott McMahan
Marie and John Foley
Karen and Michael Folk
Eugene Forsyth
Ben Foster
Marguerite Foster
Florence Fowlkes
Rachel Fraser
Fred C Fay II Charitable Fund
Cassidy Freeman
Beverly and Joseph Fremont
Jon and Jeannette French
Eduard Frensch
Ian Frensch
Eileen Friday
Edward and Angela Fried
John Friedlander
Michael Friedson
William Friel
Jed Fuhrman
Therese Fumich
Kathleen Gaffney
Evelyn Gaines
Lynda Gaines
Katherine Gallagher
Nancy Gallt
Savitri Gauthier and Douglas Fambrough
Katya Gerwein
Christopher Gilkerson and Susan Mathews
Patricia Gill Webber and William Webber
Bruce Gillam
Steven Girard
Bertha Gisler
John Glen
Maureen and Bob Glick
Constance Golas
Ann Goldberg
Ora Goldman
Ruth and Richard Goldstein
Emilio and Cecilia Gonzalez
Linda Good and William Elfring
Susan Goodman
David Goodrich
William Goodwin
Nancy Gordon
Diedre Gordon
Ellen Gordon
Jon Graff
Gregor Grant
Brian Grant
Dana Grebbien
Pamela Greene
Scott and Linda Greene
Giver Gregg
Jean and David Grier
Linda Griffith and Scott Kellogg
Roger Grimm
Frank Grobman
Lori Gross
Bob and Rosemary Gubrud
Victoria Guest and Jeffrey Davies
Kim Guishard
Margaret Guthrie
Leslee Hackenson
Barton Hacker
Mary Haering
James Hagar
Robert and Elke Hagge
Lynn Hagman
Janice Hale
Grace Hall
Avery Hall and Andrea Rogers
Kathleen Hall
Margaret Halleck
Deborah Halliday
James and Ingrid Halstead
28 2017 FINCA INTERNATIONAL ANNUAL REPORT
$1,000-$2,499 continued
Robert Hamilton
Barbara Hancock
Maureen Hand
Sherry Handley
David Hannay
Alice Hansen
Mary Catherine Harling
Mary Ann Harman
John Harrington
Lois Harrington
Katherine Harris
Kenneth Harris
Fritzi Harry
William Harter
Peter Hartline and Rebecca Kucera
Margaret Hassett
Patricia and James Hassett
Craig Hathaway
Paul Haughey
Jon Haumeder
Margaretta Hausman
Roy and Kay Havenhill
James Hayes and Catherine Keig
Mark Haynie and Anne Perry Haynie
James Healey
James and Marilyn Hebenstreit
Elizabeth and Owen Hedden
Patricia Heil
Virginia Heinrich
Johann Helllmannsberger
Elizabeth Helsinger
Jacqueline Henderson
Ricia Hendrick
William and Mary Lee Hendricks
Bradley and Trudi Hennemuth
Jeff Herring
Earl and Berys Heuer
Thomas Heye
David Hiatt
Charles Hill
Kelsey Hill
Mark Hill
Tom and Cathy Hill
Jason Hime
Daniel Hinkle
Anita Hirsh
Robert Hodapp
Marilyn Hoegemeyer
Ken Hoffman
Elizabeth Holden
Wilhelmina Holladay
Patrick and Margaret Holland
Randall Holmes
Valerie Holmes
Paul Holovnia
Winnie Holzman and Paul Dooley
Weldon Honeycutt
Richard Hornsby
Dixie Horton
Barbara Houghtaling
Mark and Dyan Houghton
Sally House
Alice Houseknecht
Martha Howard-Bullen
Elwood Howerton
James and Kathryn Hoyer
Joel Huber and Christine Jones Huber
Margaret Hudson
Tamara Hughes
Lisa Humbert
John Hummel and Cynthia Mark-Hummel
Paul Hurd
Marietta Hurst
Robert Hurtubise
Tom Huth
David Inge
Joyce Isis
Elizabeth Ivy
Jackson-Batchelder Fund
William Jacobi
Catherine Jacobson
Harriet Jacobson
Kenneth and Debbie Jaffe
James Jamison
Harold and Melva Jastram
Allen Jedlicka and Wendy Brudevold
Marcia Jeffries
John Jendras and Judith Paice
P. Q. Jenkins
Ronald Jericho
Robert and Sylvia Jesperson
David Jette and Cecile Disenhouse
Gonzalo Jimenez
Beverly and Ken Jinkerson
Barbara John
Virginia Johnson
Carl and Mary Johnson
Catherine Johnson
Cecil and Shawna Johnson
Donna and Matthew Johnson
Jeanette Johnson
Julia Johnson
Mayette Johnston
Mr. and Mrs. Frank L. Jones
Robert Jones
Robert Jonic
Lese Joslyn
Jay and Susan Jostyn
Karen Joy
Edward Juda
Judy Judge
Patricia Kaiser
Allan Kalish
Karen Kallay
Mary Kanter
David and Renee Kaplan
Cathy Kaufman Iger
Fuat Kavak
Andrea Kavaler
Curtis Kay
Thomas Keane
Douglas and Phyllis Kedl
Betsy Keefer
Julie Keese
Lisa Kellett and John Bujouves
Ogden and Cindra Kellogg
Claudia and W. Keith Kennedy
James Kennedy
Madonna Kennedy
INNOVATING FOR BRIGHTER FUTURES 29
Audrey and Tim Kenny
Mallory Kern
Namsik Kim
Kingfisher Fund
Tom Kinraide
Gabriela Kiss
Rebecca Kissel
Gloria Kittel
Philip Klabunde
John Klein and Maria Pastoor
Kathleen Klein
Douglas Kleinsmith
Alan and Robin Kluger
Grace Kolakowski
Stephen Kolodny
C Kolter
Liesbet Koromzay
Susan Koziak
Frederick and Marianne Kramer
Spencer Krueger and Mary Lefevre
Judy Krusell and David Landry
Steven Kuhn
Joanne Kunz
Richard Kurth
Kurtz Family Foundation Trust
Linda Kyser
Richard Labasky
Scarlett Lacey
Bill Lamoreaux
John Lane
Robert Langejans
Eugene and Catherine Lantz
Dinah Larsen
Jose Latimer
Max and Janet Laudeman
Trevalynn Lawler*
Benjamin and Betty Leader
Janice Lee
Theodore Lee
Edward and Johnnie Lehman
Barbara Leighton
Margaret and Clarence Leinbach
William Leininger
Karen Leith
Mary L. Leith
Alfred Lemmo
Paul Lennon
Leo Model Foundation, Inc.
Sheila Leonard
James and Michele Leonard
Paul Leonard
Judith Lesher
Adrienne Levin
Leslie and Marsha Levine
Donald Levy
Elisabeth Levy
Nico Lewine
Drs. Dennis and Anne Lewis
Gillian Lindt
Alan Lindy
Gustaf Linton
Jeffrey Lipkin and Kathleen Anderson
Brian Lisse and Cindy DeRuyter
Mary Little
Angela Lloyd and Ric Simmons
James Lockhart and Janie Mayeron
Dorothy Lockspeiser
John Loeb
Sandra Long
James Louttit
Mort and Eleanor Lowenthal
Jane Lubben
Andrew Lucas
Madeline Lunney
Charles Lynch
Margaret Lysaght
Marvin and Jane Maas
Ms. Mary Jane MacAfee
Lyn Macbeath
Brian MacDevitt
Duncan and Susan Macgregor
Photo: Dawn Deeks
30 2017 FINCA INTERNATIONAL ANNUAL REPORT
$1,000-$2,499 continued
Robert Macke
Fay MacKinnon
Antoine Macoule
Susan Madian
Joseph Magee
Keith Magnuson and Patricia Austin
Richard and Annette Maiberger
Michal and Margaret Makar
Laura Malik
Suresh Mallikaarjun
Abdul and Wazifa Mannan
H. Stanley Mansfield
Robert Marshall
Tim Martens
Christine Martin
David Martin and Miriam Lezak
Lois and John Martin
Patricia Marton
Richard and Barbara Marx
Anne and Frank Masloski
Sheila Massey
Mr. and Mrs. Henry J. Massman
Richard and Diane May
Steve and Nancy McAlister
Susan McAllister
Robert and Dorothy McCabe
Michael McCants
Patricia McCarthy
Paul McCarthy
Barbara McCluskey
Edward McCrea
McDaniel Charitable Trust
Kirsten McElgunn
Judith McGreevy
Henry McKean
David McKee
Margaret McKee
Robert McKee
Kevin McLatchie
Alice and Hugh Mclellan
Lynn McMahon
Mary McMaster
Media Music Corp
George and Jean Meek
Nancy Meier
Thomas Melby
Joseph Mersol
Robert Messerschmidt
Barbara Meyer
Edward and Elsa Meyer
Michael J. and Lucile G. Stephen Family Foundation
Madeline Miles
Margaret and Gary Miles
James Miley
Barry Milgrom
Margaret and James Miller
Harold Miller
Mary Mills
Alys Milner and Michael Francini
Sue and Ian Milnes
Stephen Minus
Megan Mistler
Sandra and John Mitchel
Ronald and Joyce Mitchell
Michele Moehring
Donna Moniz
Patrick Mooney
Dr. Thomas J. Moore
JoAnn and Glenn Moore
Robert and Dolores Moore
Dr. Era J. Moorer
Richard Moran
Bozena Moravec
David and Aileen Morgan
Ruth and John Morton
William Morton
Photo: Dawn Deeks
INNOVATING FOR BRIGHTER FUTURES 31
Elizabeth Moser
Margaret Moses
Carolyn Moss and Daniel Hawkins
James Moulton
Lou Moyer
Peter W. Moyer
Frank Muckler
Kevin Mulcahy and Jane Nowakowski
Christine and James Murakami
James Murphy
James and Lorna Murphy
Karen Murphy
Carolyn Murray
John Murray
William and Jane Murray
David and Melanie Mustone
Richard Muth
Jan Myers
N. A. Taylor Foundation
Jill Nagorniak
Vinay Nagpal
Uday and Sangeeta Naik
Jeffrey Nareski
Daryl Nees
Kathleen and Edwin Neill
Barbara Nelson
Carmen Nelson
Lola Nelson
Scott and Lisa Nelson
Paul Nevins
Jean Newcomb
Jane Newman and Amy Lange
Steelie Newomon
Allen and Joan Niles
Kay Noel
Sarah Nordquist
Ms. Julie Norwell and Mr. Russell Charlton
Tori Nourafchan and David Rosenstein
Genaro and Carmen Novoa
Dan Nowlan
Harold and Isabelle Oaklander
Joseph Obegi
S. Obenshain
Marianne and John O’Brien
October Farm
Susan Oesting
Robert O’Farrell
Beth Ogilvie
Stacey Ohm
Jane Olsen
Brian Olson
Gregory and Gloria Olson
Jeff Olson
Donna Oman
M. Emmett Omar
Michael and Mary Oothoudt
Stephen Osborn
Vanessa Osbourne
Christopher Osgood
Joshua Otlin
J. Douglas Overstreet
William Owens
Alan and Virginia Pabst
Patricia Padgett
Mary Ann Padol
George and Joyce Parker
Dr. Rebecca J. Parsons
Y. R. Patel
Rolf and Linda Paulson
Ellen Payzant
Alice Peacock
Ms. Jill Pearlman
Jeanne Peck
Paul Pelletier
Gary Pelton
Penny and John Pepperell
Charles Perez
Lieve Perneel
Marjie Persons
Michelle Pervaiz
John Pfister
Quynhanh Pham
Philip & Susan Greenberg Fund
Philip and Daniele Barach Family Foundation
Paul Phillips
Gwynedd Pickett
Gary Pierce
Malcolm Pike
Heather and Erik Pilmanis
Douglas Pinto
Sergio Piomelli
Xavier Pi-Sunyer and Penelope Pi-Sunyer
Hanna Pitkin
Louise Plank
Richard and Orah Platt
Pledgeling Foundation
Roger Podesta
Mark Podrez
Mary Poe and Dennis Revichi
Steve and Robin Pollens
Lisa Pomerant
John Poole
Mary and John Porbeck*
Elizabeth Porcello
Mr. Alexis Porras
Dorothy Porter
Elizabeth Post
Bruce Pottash and Scott Ferguson
Lucy Potts
Z. Powell
Katherine Prendergast
Sally Prestele
Randall Presuhn and Timothy Nguyen
Ms. Jennifer Price and Mr. Tony Hunter
Jill Price
Kurt and Mary Jean Pronske
Daniel Purcell and Heather Hanly
John Purkiss
Roberta Quiat
Patrick Quilter
Karen Radius
Kenneth Raedeke
Thomas Raedler
Raenorian Enterprises Fund
Mary Ragsdale
Joan and Larry Rahm
William N. Raiford
Mary Raines
Elizabeth Rajam
*denotes deceased
32 2017 FINCA INTERNATIONAL ANNUAL REPORT
$1,000-$2,499 continued
Mark and Jacquelyn Ramba
Carol Rathe
Mr. and Mrs. Paul H. Ravenna
Ann Rawley
Norman Ray and Helen Yamada
James Ray
J. Reck
Rosemary Regis and David Deramus
Carole Reiner
Christine Renier
Deborah Rennels and Angelica Leeds
Ursula Reusch
Daniel Revelle and Laura Curtis
Dawn Reynolds
Mary Reynolds
Roy and Heather Riah
Carol Rice
Elna Richter
John T. Riecker
Charles and Christine Riggs
Thomas Rinaldi
Rebecca Ringer and William Cohon
Lora and Charles Rinker
Mr. William A. Ritter
Patricia Roback
Marsha Roberson
Robert & Eleanor Demple Family Foundation
Cynthia Roberts
Edna Roberts
F. Bruce and Nancy Roberts
Lorraine Robertson
Bruce Robertson
John Rockwell
Barbara F. Rodes
Robert Rogers
Kathryn Root
Stephen Root
William Rose
Mark and Wendy Rosenblum
Douglas Rosenthal
Dennis Rossman
Jeffrey Roth and Joanna Katz
Laura and Keith Rothman
Wendy Rothwell
George and Mary Rotter
Susan Routt
Kevin Ruddell and Heather Kroll
Adelheid Ruettimann
Kenneth Rule
Lee Ann Rummell
Paul Rusonis
Justine and William Russell
Barbara Russell
James and Marjory Russell
Judith Russell
Scott Russell and Martha Delaney
Ruth & Jack Glantz Family Foundation
Sharon Rutherford
Joyce Ryan
David Sabih and Anna Swartley
Hunter and Karen Saklad
Barbara Salas
Saeedeh Salmanzadeh
Stephen Salser
Krishna Samantrai
Diane Sanchez
Mark Sanders
Barbara and Robert Sanderson
Phillip Sanger
John Sapienza
Chris Sarandon
Ann Satterthwaite
Andrea Sauder
Joseph Sayre
Nancy Scantland
Nelson and Nancy Schaenen
Ronald Schambach
Scheman Family Fund
Gerald Scher
James Scherer
Joan Scheuer
Elliot and Rosel Schewel
Juliette and Karl Schick
David Schink
John Schley
John and Diane Schlitt
Rose Rita Schmidt
Warren Schneider
Barbara A. Schreffler
Theresa Schreiner
Thomas Schupp
Kenneth Schutte
Gary Schwartz
Roy Schweyer
John Schwiebert
Pauline Scott
Susan and Bill Scott
Stephanie Scott
Ralph Scoville
Diana Scully
Margaret Scully
Michael and Alison Seaman
Dale and J. L. Seborg
Jean Seiler
Paul Self
Patricia Serio
James Seruto
James Seward and Julie Karcis
Shahriar and Nicole Shahida
Sirely Shaldjian
Ted Shannon
Harriet Shapiro
Elizabeth H. Shattuck
Jamie Shaw
Donna and Erin Shay
Carrie Shearer
Karen Shebaro
Jack Shepard and Jessica Peirce
Joseph and Barbara Shepard
Eric and Carolyn Shettle
Mary Shields
Virginia and Robert Shiller
Judith Shinn
Alan and Lisa Shusterman
Martha Sibert
Martin and Felicity Sidwell
Peggy and Daniel Siegel
Penn Siegel
Jane Sieverts
Anne Sigleo
Barbara Simmons
Elizabeth Simon
John Simon
INNOVATING FOR BRIGHTER FUTURES 33
Marcel Simon
Leah Simontal*
Michael Simpson
Shirley Simpson
Susan Skog
John Slaton
Stacey Sloan
Diane Smith
Ernest Smith
Mike Smith
Steven Smith
Wesley and Lisa Smith
Curt Snyder
William Snypes and Suzanne Suter
Polina Sokolova and Eric Smith
Ms. Elaine Galanis Solley
James Sommerville
Lois Sontag
Alan Sorsher
Suzanne Sousan
Debra Spagnola
Anthony and Helen Spaulding
Will Spence
Margaret Spencer
Richard and Jill Spitz
David and Ann St. Germain
David Stanislaw
Morgan Stanley
Cynthia Steckel
H. Ellsworth Steele
Ronald Steele
Dave Stein
Annette Steiner
Peter Steiner
Diane and Norval Stephens
Paige and Joshua Sternin
Frances Stevenson
Thomas Stiller
Brett Stineman and Linda Larkin
Mary and Mark Stinski
Mr. and Mrs. E. Marvin Stouffer
Richard Stout
Gary Stowe
Erik Strahm
Edward and Nancy Stuart
Margaret Sturges and Lincoln Draper
Mike Suddaby
Scott Sugar
Annie Sullivan
William Suter
Seiichiro Suzuki
Larry and Sophia Svelund
Bobbie Swasey
Judith Sweeney
Carolyn Sweers
Doris Sweet
Charles Swezey
Bruce Swomley
Steve Szymanski and Caroline Zug
James Takamiya
Talmage Family Foundation
Geraldine and Jerome Tamm
Monica Tanuwidjaja
Alistair Taylor
Bill Taylor and Marilyn Taylor
John and Nancy Taylor
John and Pat Taylor
Paul and Margaret Taylor
William Taylor
John Tegan
Phoebe Telser
Robert and Bonnie Temple
Harvey Thatcher
The Altman 2011 Charitable Lead Annuity Trust
The Bretscher Family Foundation
The Fund for Community Well-Being
The George Lucas Family Foundation
The Jarvey McCord Foundation
The Kline Charitable Fund
The Larry David Foundation, Inc.
The Mitchell David Solomon Foundation, Inc.
The Patriot Foundation
The Salon Family Foundation, Inc
The Schultz Foundation, Inc
The Wagner Family Charitable Fund
Bryan Thiessen
Bruce and Sandra Thomson
Photo: FINCA Staff
USING FINANCIAL TECHNOLOGY INNOVATION TO CLOSE THE GENDER GAP
On International Women’s Day 2017, more than 150 people gathered at FINCA’s headquarters in Washington, DC to participate in a discussion on women’s financial inclusion. Andrée Simon, President and CEO of FINCA Impact Finance, was joined by thought leaders from CGAP, Mastercard Foundation, McKinsey Global Institute and Savannah Bank to discuss the benefits and challenges of using mobile innovations to empower women with financial services.
34 2017 FINCA INTERNATIONAL ANNUAL REPORT
$1,000-$2,499 continued
Peter and Luann Thomson
Nina and Richard Thompson
Thomas Thueson
Richard and Suzanne Thweatt
Thomas Tinker
Susan and Marcello Todaro
Margaret Tolzman
David Tonjes and Karen Galindo
John Tornquist
Maria and Matthew Tracy
Hoa Tran
Earl Trostud
John Trotter
Art Troutner
Ann Troy
Judith Tulis
Rodham and Mary Tulloss, in memory of Sarah Elizabeth Tulloss
Patricia and John Turner
Stephen Updegrove and Kathleen Hayes
Drs. Kathryn and Martin Urberg
Gala Vaisberg
Tammy Van Veen
John and Verna Vander Kooi
Ramakanta Velagala
Gregory Vesper
Carl VinsonMilton and Judith Viorst
Timothy Vo
Alice and Jerry Voigt
Carol Voorhees
Gerald and Carol Wahlenmayer
Alastair Wall and Helen Lowry
Dianne Walser-Jebb and Michael Jebb
Gregory Walter
Evan and Carole Walters
William Warburton
Judith Ware
Philo Wasburn
John Watkins and Allison Howard
Diane Weaver
Marion Weber
Rick Weber
Peter and Michelle Weeks
Robert and Renate Wegner
Mark Weigel
Steven Weinberg and Georganne Ferrier
Kenneth Weingardt
Susan Weiss
Jonathan Weitzman
Linden Welch
Valerie Wendling
Charles Wheatley and Kimberly Reeves
Robert Wheatley
Nancy and Monty White
Harold and Carol White
William Whiting
Paul and Shelley Whyte
Harold Wiggers
Stephen and Margaret Wilcox
Don Williams
Gail Williams
Robert Williams
Janet Willis
Roy Willits
Aletta Wilson
Mary and Stanley Wise
Carl Wittenberg
Karen Wohlgemuth
Jean Wolf
Paul Wong
Neva Woo
Donald Wood
Linda Wood
Harriet Woods
Anna Wooldridge
Gary H. Wright
Sara and Paul Wright
Phyllis Yale and Tucker Taft
Artem Yaschenko
Roy Yeazel
Ruth Yeazell
Shou Yih
Peg Yorkin
LISTENING TO CLIENTS TO MEET THEIR EVOLVING NEEDS
When Sofelet Kachoka Phiri received a FINCA loan 20 years ago in Malawi, it was for just $8. The tiny loan helped Sofelet create a used clothing business. As her business grew and new businesses were added, Sofelet needed new types of loans to meet her evolving needs. Using innovations like digital tablets, FINCA collects client feedback to improve the products and services offered. This made it possible for Sofelet to be the first female client in Malawi to receive a 1 million kwacha ($1,377) loan.
Photo: David Soll
INNOVATING FOR BRIGHTER FUTURES 35
Jeannine Young
George and Lisa Youngerman
Kuan Yuan
Thomas Zach
Pat Zaharopoulos
Joyce Zaitlin
Elizabeth Zander
George Zbiegien
David Zellmer
Ed Zerylnick
Hongjin Zhu
Adam and Diana Zlotnick
Virginia Zwaagstra
CorporationsAmazon
Cache Valley Insurance Inc
Cadwallader Design, Inc.
Cereal Ingredients, Inc.
Clifford Chance LLP
Covington & Burling LLP
Creation Stands LLC
Credit Suisse
DSL Legal
El- Genk Charitable Fund
Energetic Solutions, Inc
Gilbert’s LLP
Great Plains Analytical Laboratory, Inc.
Hengeler Mueller
ImpactAssets, Inc.
Kirkland & Ellis LLP
Latham & Watkins LLP
Ledroit House Condominium
Microsoft Corporation
Midland Llp
National Financial Services LLC
Nations Bank
Orrick
Pic Tec
Right Angles
Sharkawy & Sarhan Law Firm
Success Networks International
The Estee Lauder Companies
World Bank Community Connections Fund
Yatai Food Cart
FoundationsAmerican Endowment Foundation
Burlingame Foundation
Krembil Foundation
Marin Community Foundation
NetHope, Inc.
Renaissance Charitable Foundation, Inc.
The Bill & Melinda Gates Foundation
The Miami Foundation
The Pittsburgh Foundation
The Seattle Foundation
Government and MultilateralAdam Smith International on behalf of Elan RDC
Enhancing Financial Innovation and Access (EFINA)
Financial Sector Deepening Tanzania (FSDT)
Gesellschaft für Internationale Zusammenarbeit (GIZ)
Global Affairs Canada
International Finance Corporation (IFC)
REGMIFA TA Facility
UNCDF (United Nations Capital Development Fund)
US Agency for International Development
Private Voluntary OrganizationsBethany Community / Ladies of Bethany
Buddhist Society for Compassionate Wisdom
Church of St John the Evangelist
First Presbyterian Church of Kerrville
First Unitarian Church of Oklahoma City
Human Rights Project Inc.
LiUNA Local 183
Mile High Friends of FINCA
Mindful Movement Collective
Pastoral Ministries at Brooksby Village
Pilgrim Church of Duxbury
Salida Fiber Festival
United Methodist Microfinance Connection
United Methodist Women
Future Makers CircleCaroline Adams
Daniel Altilio
Karen C. Anderson
Terry Andrews
Alan and Helen Appleford
David Bard
Belinda Barington
Deborah Barto
Richard Batchelder
Ann Bein
Dorothy Benavides
Michael and Sompson Betz
Audrey Beukenkamp
Judith and Bruce Billings
Elizabeth Bolotin
Joseph and Susan Bower
Rick Browne
Steven Bruckner
Sally and Leonard Burdock
Kenneth Burrows
Deborah Bush
James Caffery
Carolyn Carlat
Diane Cavenee*
Melanie Chadwick
Thomas and Janice Chamberlin
Heather Chisholm
Tim Clauss
Thomas and Kim Cody
Kay Cooper
Barbara Crook
Don Dietz
*denotes deceased
36 2017 FINCA INTERNATIONAL ANNUAL REPORT
Future Makers Circle continued
Kathryn DiGiorgio
Raymond Dobkin
Susan Dodd
Dermot Doyle*
Norman Dudziak and Damaris Rohsenow
Jean and Richard Eckert
Nancie and Mauritz Erhard
Joen Fagan
Jo Ann Field
David and Debra Gardner
Emily Garlin
Arlee Geary
Madelaine Georgette
Jack Goggin
Steve Goldstein
Margaret Gossage
James Grabill
Edmund Grossman
John Gustin
Lindy Guttman and Bob Stromberg
Doris Haggard
Charles Hall
Marian and Robert Hatch, Jr.
Robert and Nancy Hatch
Dorothy Hines*
Maryjude Hoeffel
John Hoffman
Carol Hollworth
Thomas Hooley
Katherine Hufnagel
Brian Hughes
Cynthia Hurd
Mona Jibril
Keith Johnson
Doresa Jones
Kathy Kaiser
Marjorie Kemp
Ann Kempees
Edward and Rachelle Keyserlingk
Christine Keyt
William Kilgour
James and Janet Kimble
Douglas Kleinsmith
Karen Krick
Rosemary Kuehne
James and Leslea Kunz
Jeffrey Lalande
Margaret and Clarence Leinbach
James Licata
Rosemary and David Logan
Richard Lundy and Lucille Goodwyne
B.R. Marchand
Enid Margolies*
Sherri McAlindon
Jeannine McCormick
Frances McGown
Regina Michaelis*
Louise Michlin
Darlene Mikula
Lisa Miller
Terri Mockler
Peggy Moore
Peter Mullen
Delano and Luzetta Newkirk
Peter Newman and Kathy Lang
William and Marsha Nickels
John and Margaret Parke
Sandra Perkins and Jeffrey Ochsner
Vivienne Perkins-McLean
Merrie Petteys and William Campbell
Sally Pierson
Katie and Michael Place
Junius Powell
Denise Price
William Raiford
Linda and Ahmed Raiss
John Rau
Alfred and Connie Remetch
Victoria Repen
Anna Reynolds
Phillip Richman
Michele Risa
F. Bruce and Nancy Roberts
Sara Rothmuller
Tracie Rowson
Christie Sanders
Lynne Schreiber
Rupert Scofield and Lorraine O’Hara
Catherine Scott
Patricia Serio
Mary Ann Sestili
Carrie Shearer
Wanda Shirk
Diane Short
John Shugars
Nancy Sienknecht
Raymond Sinetar
Rhea Singsen
Mark Smith
Nancy Solomon
Robert and Faye Spencer
Ruth Stahl
Keith Stanley
Mary Steele
Sheila Stiles
Rebecca Thomas and John Pitlick
Bill and Susie Thorness
Roger Tiemann
Ann Tiernan
Linda Van Buren
Robin Velte
Dorothee Verdaasdonk
Barbara Wade
Mark Wales
Thomas Weakley
John Weiss
Karen and Stephen Wiel
Elizabeth Williams*
Priscilla and Rodney Wilson
Nance Wilson and Clifton Schor
Maxine Wolf
Julia Wood
Josie Woodman
James and Carole Wortley
Lucy Wyatt and John Mattinen
Jan Zlotnick
*denotes deceased
INNOVATING FOR BRIGHTER FUTURES 37
One-Time Gift Your support will help to improve the lives of millions of people. Visit FINCA.org/donate.
Monthly Become a monthly donor of $10 or more and create a reliable source of funds that sustain our work serving low-income individuals and families around the world. Visit FINCA.org/sustain.
In Memory Honor a loved one with a donation in memory or in celebration. Visit FINCA.org/honor.
Stocks & Wires Make a gift of stocks, bonds or mutual funds. Visit FINCA.org/stock.
Workplace Support us through workplace giving. Payroll pledge campaigns represent a cost-effective and easy way to support the vital work of FINCA International. Visit FINCA.org/workplace.
Future Makers CircleDesignate a planned gift—such as a bequest— to FINCA International and immediately become a member of our Future Makers Circle. Members receive recognition on our website, in publications and receive invitations to special events. Visit FINCA.org/legacy.
FINCA Advisory CouncilJoin a global network of advisors working together to accelerate progress of market-based solutions to poverty. Visit FINCA.org/council.
FINCA International is a nonprofit, tax-exempt charitable organization under Section 501(c)(3) of the United States Internal Revenue Code. Donations are tax-deductible. Our tax ID number is 13-3240109. FINCA Canada is a Canadian charitable organization. Donations are tax-deductible. Our Canada Revenue Agency Charity Registration Number is 80568 6144 RR0001. FINCA UK is a registered charity in England and Wales under registration number 1127778.
SUPPORTING FINCA’S MISSION
WAYS TO SUPPORT
FINCA’s mission is to alleviate poverty through lasting solutions that help people build assets, create jobs and raise their standard of living. Your support enables low-income families to improve their lives and have a positive impact within their own communities.
There are many ways to support FINCA’s work:
Photos (above and back cover): Dawn Deeks
FINCA.org | FINCACanada.org | FINCAUK.org
FINCA International Global Headquarters 1201 15th Street, NW, 8th Floor
Washington, DC 20005
FINCA Canada 1124 Marie-Anne Street East, Suite 33
Montreal, QC H2J 2B7
FINCA UK Lynton House, 7-12 Tavistock Square
London WC1H 9LT
@FINCA FINCAInternational
@FINCAintl
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